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Solutia may sell Greenwood plant |
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Thursday, 20 November 2008 |
By Scott Miller
SCBIZ Daily Staff
GREENWOOD -- Solutia Inc. has laid off one-third of its Greenwood work force, nearly 300 people, and plans to sell the nylon-fiber plant in the future, said spokeswoman Melissa Hammonds.
Lay offs began in August, she said.
“The Greenwood facility, before these actions took place, had around 900 employees,” Hammonds said. “It’s a simple supply-and-demand equation.”
The plant produces nylon fibers sold to make carpet, airbags, tires, seatbelts and other products. It also has a small nylon plastics business that supplies the automotive industry.
The company reported a net loss of $7 million in the third quarter and a year-to-date loss of $53 million as of Sept. 30, including losses from discontinued operations.
In June, Solutia contracted with HSBC Securities Inc. to study alternatives to its nylon business. The results of that study should be announced at the end of the first quarter of 2009, Hammonds said.
Solutia then intends to find a buyer for its nylon business. The sale would include the Greenwood plant, among other Solutia facilities, she said.
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